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Work at home, save a bundle on taxes

2006 Realty Tax Tips-Part 7: Home business tax deductions

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(This is Part 7 of an eight-part series. See Part 1, Part 2, Part 3, Part 4, Part 5, Part 6 and Part 8.) Whether you are a renter or a homeowner and you use part of your residence for your full- or part-time business, you probably qualify for the special home business tax deduction to save on your income taxes. It doesn't matter if you are self-employed or if you are an employee whose employer doesn't provide suitable workspace and expects you to work at home. However, if you bring work home from the office because you prefer working at home, then you won't qualify for the generous tax savings offered by the home business tax deduction. Purchase Bob Bruss reports online. For example, if you are a teacher who prefers grading student papers at home while watching television, but your school provides suitable workspace, you don't qualify for this deduction. However, if the school is unsafe after work hours, then your home office deduction is justified. EMPLOYEES WORKING AT HOME HAVE...